The term coalesce is defined as follows.
Suppose A and B are two literal constants in the source code,
and that A' and B' are the corresponding objects in the compiled code.
If A' and B' are eql but
A and B are not eql, then it is said
that A and B have been coalesced by the compiler.

The verb process refers to performing minimal compilation,
determining the time of evaluation for a form,
and possibly evaluating that form (if required).

The term further compilation refers to
implementation-dependent compilation beyond minimal compilation.
That is, processing does not imply complete compilation.
Block compilation and generation of machine-specific instructions are
examples of further compilation.
Further compilation is permitted to take place at run time.